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You deposit $250 in a bank account that pays an annual interest rate of 2%. How much simple interest will you earn after two years?

You deposit $250 in a bank account that pays an annual interest rate of 2%. How much simple interest will you earn after two years?
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You deposit $250 in a bank account that pays an annual interest rate of 2%. How much simple interest will you earn after two years?

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User Camillio
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1 Answer

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I believe the answer is $260.1 and an interest of $10.1

250(1.02)=255 --> one year
255(1.02)=260.1 --> two years
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User SIMMORSAL
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